Making home construction easier
First National's owner-builder loan
So you want to build your own home--great goal. Now get ready for a lot of work. To help make building your own home a reality, and to make it as easy as possible, First National Bank Alaska has a program designed just for you. Specialists at the bank coordinate short-term financing to fund construction and long-term financing to pay off the finished home. These local Alaskans work with you every step of the way to ensure the process goes smoothly. "The advantage First National offers is flexibility," Construction Loan Officer Don Clary said. "We offer variable terms, it's easy to get extensions and we don't tie you into a strict construction schedule. We let you work at your own pace." But before you can get going on your project, there are some steps you need to take. Starting out
First, you need to prequalify for long-term financing. You can do this online at www.fnbalaska.com, or in person at First National's Home Loan Center. An experienced Alaskan mortgage loan officer can answer your questions at this first step, whether you apply online or in person. Next, visit a First National construction loan officer. Your loan officer will help you complete the necessary paperwork for the construction of your home, and open your short-term financing. Though managing the construction of a building can seem daunting, you don't need to have contracting experience to take out an owner-builder loan. "We don't ask our customers to be construction experts," Clary said. "Owner-builders just need to be good at project management, and this is key to successfully completing a project." Flexibility for you
First National's flexible loan terms and fast response time to requests for funds allow owner-builders to develop project schedules that will work best for them. For instance, First National loan officers can respond to requests for funds in as little as one business day, meaning an owner-builder can jump on one-time discounts or other deals. Although you will have already prequalified for long-term financing with First National, there are steps you need to take to make sure this financing remains in place. Maintain your credit record, and if there are any changes, report them to your mortgage loan officer. When you are 60 days from the completion of your project, talk to this same loan officer to finalize your long-term financing. "The driving force behind a successful owner-builder loan is flexibility and a lot of hard work," Clary said. "If you're prepared for that, we're prepared to help you reach this goal." BACK
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